Tax Collections Continue To Lag Projections (NY Comptroller)

November 21, 2012 – Tax collections of $35.9 billion through October continued to lag expectations, falling $170.8 million below July estimates and $259.8 million below initial estimates, even as the state faces significant expenses in recovering from the damage wrought by Hurricane Sandy, State Comptroller Thomas P. DiNapoli said today as he released his October cash report.  “Tax collections were lower than expected through October,”  DiNapoli said.  “Tax revenue estimates should be revised downward.  Adjustments should also factor in the additional costs from Hurricane Sandy.  As recovery efforts continue, realistic projections are critically important for the state to effectively manage its available resources.”

Link to Full Press Release: http://osc.state.ny.us/press/releases/nov12/112112.htm

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